28 March 2009

Friday Night Bank Closings: I'm Scared Now Edition

Not by the total number of bank closings, there was only one, the Omni National Bank, Atlanta, GA, the 21st of the year. (Full List of closings).

Since I figure that there will be somewhere in the neighborhood of 100 bank closings this year, that is not a surprise.

What is a surprise is Calculated Risk's report on regulatory actions in California, where 6 more banks have received a cease and desist order from the FDIC, and there are predictions that two thirds of banks in California will be operating under such orders by year's end.

I honestly cannot imagine that the situation is better in other areas with the largest real estate bubbles, such as Florida, the Las Vegas area, Phoenix, etc.


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